View What is the key to success at the Mall of America.docx from MARKETING 1000 at Ryerson University. 1. What is the key to success at the Mall of America? The key to success at Mall of America is
on NASDAQ. Tesla is the first car company in America to do that after Ford Motor company in 1956. Since then, Tesla’s stock has soared with company’s new models and features.
Promotion. MoA launched a highly successful worldwide public relations campaign the year before and the year after the mall opened. The campaign included numerous media events and travel packages that created a snowball effect and resulted in great “word-of-mouth” advertising.
The entertainment options reflect this diversity: Camp Snoopy, Lego Land and Cereal Adventures for families; the Upper East Side’s clubs, games and movies for adults; and Underwater World and special events for everyone.
In 1992 inventory showed that anchor stores accounted for only 36 percent of the space compared to 64 percent for specialty stores. This enabled the MoA to have more than 520 stores compared with less than 150 at other malls. The inventory also reflected a heavy presence of eating and drinking establishments, services, furniture and furnishings, but was light on apparel and accessories (the mainstay of other malls). There also was a wide range of stores from discounters to upscale shops.
Still, many national retailers were seeking new shopping venues. The Twin Cities market was large, growing, upscale and “under stored.” It had been 15 years since a new regional mall had been built, resulting in low retail vacancy rates and high demand for prime retail space. Consumer behavior also was changing. Consumers increasingly became buyers rather than shoppers. They preferred the convenience and price of discounters, and the huge selection and pricing of category killer superstores. The MoA countered these trends with an innovative concept that combined retailing and entertainment that met the needs of retailers and customers alike.
Size. The size of the MoA – 4.2 million square feet – towers over local malls and increased its national and international draw. The mall has twice as much retail space and more than three times as much total space as its nearest local rival.
The MoA was built in Bloomington, Minn. on the former site of Metropolitan Stadium (home plate is still preserved inside). Many predicted it would fail, yet it continues to prosper. So why has it been such a marketing success?
Drawing power. Our 2002 holiday shopping survey revealed that the Mall of America is king of malls in local shoppers’ minds. Twenty-three percent of the survey respondents planned to shop the MoA compared to 19.1 percent for the next highest location, and it draws shoppers from all areas of the Twin Cities. The mall has refocused its efforts locally as the result of the decline in international air traffic, which makes up 6 percent of the mall’s visitors.
Promotion. MoA launched a highly successful worldwide public relations campaign the year before and the year after the mall opened. The campaign included numerous media events and travel packages that created a snowball effect and resulted in great “word-of-mouth” advertising.
The entertainment options reflect this diversity: Camp Snoopy, Lego Land and Cereal Adventures for families; the Upper East Side’s clubs, games and movies for adults; and Underwater World and special events for everyone.
In 1992 inventory showed that anchor stores accounted for only 36 percent of the space compared to 64 percent for specialty stores. This enabled the MoA to have more than 520 stores compared with less than 150 at other malls. The inventory also reflected a heavy presence of eating and drinking establishments, services, furniture and furnishings, but was light on apparel and accessories (the mainstay of other malls). There also was a wide range of stores from discounters to upscale shops.
Still, many national retailers were seeking new shopping venues. The Twin Cities market was large, growing, upscale and “under stored.” It had been 15 years since a new regional mall had been built, resulting in low retail vacancy rates and high demand for prime retail space. Consumer behavior also was changing. Consumers increasingly became buyers rather than shoppers. They preferred the convenience and price of discounters, and the huge selection and pricing of category killer superstores. The MoA countered these trends with an innovative concept that combined retailing and entertainment that met the needs of retailers and customers alike.
Size. The size of the MoA – 4.2 million square feet – towers over local malls and increased its national and international draw. The mall has twice as much retail space and more than three times as much total space as its nearest local rival.
The MoA was built in Bloomington, Minn. on the former site of Metropolitan Stadium (home plate is still preserved inside). Many predicted it would fail, yet it continues to prosper. So why has it been such a marketing success?
Drawing power. Our 2002 holiday shopping survey revealed that the Mall of America is king of malls in local shoppers’ minds. Twenty-three percent of the survey respondents planned to shop the MoA compared to 19.1 percent for the next highest location, and it draws shoppers from all areas of the Twin Cities. The mall has refocused its efforts locally as the result of the decline in international air traffic, which makes up 6 percent of the mall’s visitors.